Former Woolworths chief executive Brad Banducci has abruptly resigned from his role as CEO of Ticketek, just over a year into the position. Banducci, who took the helm in April 2025, informed staff at Ticketek Entertainment Group (TEG) on Wednesday that he would depart at the end of the month.
His resignation follows a challenging period for the business, during which TEG lost several lucrative contracts under Banducci's leadership, significantly reducing its share of the ticketing market. One major deal lost was with Venues NSW, reportedly worth about $100 million, which was picked up by Ticketmaster. This contract covered venues including the Sydney Cricket Ground, Accor Stadium, CommBank Stadium, Allianz Stadium, and the redeveloped Helloworld Stadium in Penrith.
Another contract lost was with Melbourne Park, which included all events at Rod Laver Arena, AAMI Park, John Cain Arena, and Margaret Court Arena. This contract was secured by AXS, a ticketing company owned by AEG that also handles ticketing for major venues such as The O2 arena in London, Crypto.com Arena in Los Angeles, and T-Mobile Arena in Las Vegas.
The Melbourne Park and Venues NSW contracts represented a substantial portion of TEG's ticketing revenue. According to filings with the corporate regulator, TEG generated $912 million in revenue in the 2025 financial year but recorded a loss of $160 million. The company also transferred $310 million to a parent company in Singapore as a zero-interest loan.
In his departing statement, Banducci said he felt the time was right to "transition leadership of the group." He added, "When I joined the group just over a year ago, I came in to do a specific role – to set the group up for the next horizon of growth."
Hours before his departure was announced, Afterpay acquired the naming rights to a major entertainment venue owned by TEG in Sydney. Qudos Bank Arena in Homebush will be renamed Afterpay Arena under a deal that will see Square, owned by Afterpay's parent company Block, take over the payment terminals at the venue.
Banducci, who is South African-born, left Woolworths in 2024 following a controversial Four Corners interview that sparked nationwide outrage over supermarket price hikes during the Covid pandemic. He later described the interview as not his "finest moment."
TEG chief operating officer Cameron Hoy, a 20-year veteran of Ticketek, will succeed Banducci as CEO from June 1. Banducci praised Hoy, saying his successor had experienced growth, change, and every stage of the industry, making him the right person to lead the group. "It feels appropriate to pass on the baton to someone who has made such a major contribution to building the group we have today and who is committed to the next chapter," Banducci said.
Hoy expressed enthusiasm about his new role, stating, "TEG exists to partner with the world's best venues, promoters and rights-holders to connect fans to the moments that matter most. I am honoured to lead such an entrepreneurial business and team."
